Same-store sales aid Wilsons loss cut

DanBurrows

NEW YORK (CBS.MW) -- Wilsons The Leather Experts said Tuesday it narrowed its third-quarter net loss despite a double-digit sales decline.

For the three months ended Oct. 30, the Brooklyn Park, Minn.-based outerwear retailer reported a loss of $8.5 million, or 22 cents a share, versus a year-ago loss of $11.6 million, or 57 cents a share.

Wilsons'
WLSN
sales for the period fell 10 percent to $87.9 million from $97.9 million last year, as same-store sales, or sales in stores open at least a year, increased 7.2 percent. The same-store sales gain allowed Wilsons to leverage costs, contributing to the more moderate third-quarter loss.

The three analysts polled by Thomson First Call projected, on average, a loss of 29 cents a share on sales of $87.9 million.

"Sales in both our mall-based and outlet stores were strong during the quarter and we are encouraged by the performance of our new fall merchandise," Chairman Joel Waller said in a statement. "Our margin rates for both the quarter and year are ahead of last year and give us confidence that the structural changes we have made in the business are taking hold."

Wilsons, which reported results aftermarket, saw its shares add 39 cents to close at $5.50 Tuesday.

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